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US sanctions North Korean enterprises for shipping arms from Cuba to North Korea

On 30 July, the US Treasury Department announced that it was blocking the assets of Chongchongang Shipping Company and Ocean Maritime Management Company (“OMM”), both North Korean state-owned shipping companies. In July 2013, Panamanian authorities discovered and seized a concealed shipment of arms and related materiel from Cuba destined for North Korea aboard the Chong Chon Gang, a vessel owned by Chongchongang Shipping Company and managed by OMM. The shipment apparently violated a UN Security Council arms embargo on North Korea. According to a notice issued on 28 July 2014 by the UN Security Council Committee established to monitor the arms embargo, OMM played a key role in arranging the shipment. Also designated were 18 North Korean vessels in which these companies have an interest, including the Chong Chon Gang.

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